Brad Hargreaves, the founder of Common, discusses the history and challenges of the coliving company and the reasons for its recent bankruptcy.
Common started in 2015 to address housing affordability issues by building apartments designed for roommates. They focused on three, four, and five-bedroom units and worked with developers as property managers and designers. However, the company faced difficulties in generating profits from property management and design services. The COVID-19 pandemic and rising interest rates further impacted Common's business model. Brad believes that small, local operators and short-term rental models may have more success in the US coliving market.
Listen to the interview to understand why Common went bankrupt, and what could have been done differently.
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To listen to the whole song in good quality, click here: https://suno.com/song/38f3b3e1-1760-4913-8f68-d54098200401
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00:00 Introduction and Background
01:56 Defining Common and Its Evolution
05:46 Diversification of Property Types
09:04 Challenges in Scaling Co-Living
12:03 Profitability and the Impact of Interest Rates
13:31 Differences Between European and US Co-Living Companies
17:45 Factors Affecting Profitability and Business Model
22:28 The Future of Coliving in the US
24:23 Brad Hargreaves' Current Endeavors
26:16 Closing Remarks and Surprise Song
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